ICBC vehicle settlement formula
When ICBC writes off your vehicle, they pay the market value minus your deductible. If you keep the written-off car, they also subtract salvage value. The formula is straightforward, but the market value itself is negotiable. First offers often rely on generic averages that may undervalue your specific vehicle.
This tool is for vehicle write-offs only
This calculator estimates payouts for written-off or total-loss vehicles. It does not cover injury settlements, pain and suffering, medical costs, wage loss, or any other personal injury claim amounts. If you are looking for injury claim guidance, contact ICBC or a personal injury lawyer.
How to use the calculator
Enter your vehicle's year, make, model, and kilometres, then click to look up current BC AutoTrader listings. The tool finds similar vehicles and uses the mid-point as your market value. You can also enter a value manually. Then add repair cost, deductible, and any ICBC offer to see the payout and offer gap.
When to dispute an ICBC vehicle settlement
If comparable BC vehicles are listed for significantly more than ICBC offered, gather evidence: current AutoTrader listings, service records, photos, proof of trim and options. Ask for the valuation breakdown and challenge incorrect inputs. An independent appraisal can support your case if the gap is large.
Frequently asked questions
What is an ICBC vehicle settlement?
An ICBC vehicle settlement is the payout you receive when your car is written off. ICBC pays the market value minus your deductible and, if you keep the vehicle, any salvage deduction. This calculator is for vehicle write-offs only, not injury or pain and suffering claims.
Is this calculator for injury claims?
No. This tool is strictly for written-off or total-loss vehicle settlements. It does not estimate pain and suffering, medical costs, wage loss, or any other injury-related settlement amounts.
How does ICBC calculate a settlement for a written-off car?
ICBC determines the vehicle's market value using sources like Canadian Black Book and comparable sales, adjusts for your deductible, and deducts salvage if you keep the car. The first offer is often based on generic averages, so providing evidence of your specific vehicle's condition and trim can increase the payout.
Can I dispute an ICBC vehicle settlement?
Yes. If the offer is lower than what comparable vehicles cost in BC's current market, you can provide evidence: recent BC listings, service records, proof of options, and photos. A formal independent appraisal strengthens your case if the gap is significant.
Does this tool predict what ICBC will offer?
No. It shows what the payout formula looks like based on the market value you enter or look up. ICBC's actual offer depends on their own valuation, your policy, and claim details. This tool is informational only.